Sales to non-EU citizens account for a third of total sales.

During August, a third of all property sales in Cyprus (according to data estimating the number of contracts concluded at the offices of the Registry Office) were made by non-EU citizens, according to official statistics published by the Department of Land Tenure and Surveying.

Analysis of market segments

Real estate sales to non-EU citizens

Sales to non-EU nationals rose by 34% compared to August 2022 and accounted for 30% of the total number of sales for the month. Although sales in Limassol were down 15%, they increased in the other four districts. Paphos has the highest number of sales, followed by Larnaca, Limassol, Famagusta and Nicosia.

Foreign transactions (non-EU citizens) - comparison 2022/2023''years.

The number of sales to non-EU nationals in the first eight months of 2023 totaled 3,385, an increase of 76% from the 1,921 sales made in the same period last year.

Real estate sales to citizens of ES

Property sales to EU citizens continue to decline and are down 16% compared to August 2022, with sales down in all areas except Larnaca and Nicosia, where they increased by 35% and 22% respectively. Paphos has the highest number of sales, followed by Limassol, Larnaca, Famagusta and Nicosia.

Foreign transactions (EU citizens) - 2022/2023 comparison.

Property sales to EU citizens in the first eight months of 2023 totaled 1,300, a decrease of 22% on''compared to 1,657 sales in the first eight months of 2022.

Total real estate sales in the foreign market

Sales to foreigners (both EU citizens and non-EU citizens) increased by 34% compared to August 2022, despite a 16% drop in sales to EU citizens.

Foreign transactions (EU citizens) - 2022/2023 comparison.

Sales of overseas properties in the first eight months of 2023 totaled 4,685, an increase of 31% compared to 3,578 sales in the same period last year.

Domestic Real Estate Sales''market

Domestic property sales in August were up 19% year-on-year in August 2022, but Limassol saw a 4% decline. Despite the decline, Limassol had the highest number of sales, followed by Nicosia, Larnaca, Paphos and Famagusta.

Domestic transactions - 2022/2023 comparison.

Domestic sales for the first eight months of 2023 totaled 5,498, an increase of 13% compared to 4,875 sales in the same period last year.